The Malaysian Reserve

Ex-Macquarie, TPG dealmen front RM12b offer for Healthscope

SYDNEY • Former dealmakers at Macquarie Group Ltd and TPG Capital launched a A$4.11 billion (RM12.19 billion) takeover offer for Healthscope Ltd, swooping on the Australian hospital operator after a share-price slide.

Private-equity firm BGH Capital and investors including AustralianSuper and Ontario Teachers’ Pension Plan Board offered A$2.36 a share in cash, Healthscope said in a statement yesterday. That’s 16% more than the stock’s most recent close on April 24.

Healthscope said it’s assessing the offer.

BGH Capital was founded last year by a trio of dealmakers including Robin Bishop, the former head of Macquarie’s investment banking operations in Australia and New Zealand.

BGH Capital has gained a foothold in Healthscope by teaming up with AustralianSuper, Australia’s biggest pension fund, which currently owns about 14% of the healthcare provider.

“The Healthscope board has commenced an assessment of the proposal and will keep the market informed of any material developments,” the Melbourne-based company said in its statement.

Shareholders don’t need to take any action and there’s no guarantee the approach will lead to a deal, the healthcare company said.

Healthscope shares have tumbled 35% from a September 2016 high of A$3.14.

The company operates 45 hospitals in Australia, and has pathology operations across New Zealand, Malaysia, Singapore and Vietnam, according to its website.

According to Healthscope, conditions of the offer include:

• Due diligence.

• Debt finance for the proposed acquisition.

• Approval from Australia’s Foreign Investment Review Board.

• Unanimous recommendation from Healthscope’s board. — Bloomberg